Daines Introduces Bipartisan, Bicameral Bill Making Tax Relief for Small Businesses Permanent
U.S. SENATE – U.S. Senator Steve Daines today introduced bipartisan, bicameral legislation to make the 20 percent pass-through small business tax deduction permanent. His bill, the “Main Street Tax Certainty Act,” will support small businesses, help create jobs and strengthen our economy. Without congressional action the tax deduction will expire at the end of 2025.
“Montana small businesses help our communities thrive and prosper--they're what make our hometowns feel like home," Daines said. “Making this main street tax relief permanent will provide the certainty needed to help Montana small businesses stay afloat, create more jobs, and expand their operations."
Read the full text HERE.
The 2017 Tax Cuts and Jobs Act created Section 199A of the Internal Revenue Code, which allows pass through businesses to deduct up to 20 percent of qualifying income. The deduction is currently slated to expire at the end of 2025. Through making this deduction permanent, this legislation ensures that millions of Main Street businesses continue to maintain tax parity with large corporations.
The bill has received significant support from over 80 stakeholder groups, including the S Corporation Association, National Federation of Independent Business (NFIB), the American Farm Bureau Federation, the National Association of Professional Insurance Agents (PIA), the Independent Community Bankers Association of America and the National Beer Wholesalers Association.
To read the letter of support from over 80 groups, click HERE.
Statements of Support:
“NFIB strongly supports the “Main Street Tax Certainty Act.” The Small Business Deduction allows pass-through businesses the ability to deduct up to 20 percent of qualified business income and, unfortunately, it is currently scheduled to expire at the end of 2025. This legislation makes this critical deduction permanent for small business owners across the country. After emerging through this tumultuous pandemic, the last thing small business owners need is additional uncertainty. We commend Senator Steve Daines (R-MT) and Representatives Jason Smith (R-MO) and Henry Cuellar (D-TX) for their continued leadership and assistance to small business owners.” – National Federation of Independent Businesses
For TV elements, click HERE.
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